Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Tiny Milwaukee CU closed by regulator
ALEXANDRIA, Va. (1/8/13)--New Covenant Missionary Baptist Church CU, a Milwaukee, Wis., credit union with a tiny membership of 294, has been liquidated by the National Credit Union Administration (NCUA). The credit union held $585,000 in assets.

The NCUA Monday reported that the Wisconsin Office of Credit Unions moved to close the credit union after it determined New Covenant was in an unsafe and unsound condition to transact its business and had no prospect of restoring viable operations. The NCUA was then appointed as liquidating agent.

The credit union was chartered in 1982 and served members of the New Covenant Missionary Baptist Church and related groups.

This was the first liquidation of a federally chartered credit union in 2013. There were 13 federally insured credit union liquidations in 2012.

For the full NCUA release, use the resource link.
Other Resources

NCUA Release
RSS





print
News Now LiveWire
Middle-class families walking a tightrope with little savings @pewresearch HT @CNNMoney http://t.co/Pfu2KHASZa
14 hours ago
.@CUNA's @SchenkMike on @federalreserve meeting: http://t.co/Ry39vjWdA1
14 hours ago
#creditunion cites prize-linked savings success in @WSJ http://t.co/3CXupUMx5d
17 hours ago
.@CFPB proposes mtg rule changes 2 facilitate responsible lending by small creditors, esp. in rural/underserved areas.http://t.co/sn6PnlS0EB
18 hours ago
#NewsNow Apple Pay interest booming at CUs, Western Union joins http://t.co/LsaoOYzAPx
20 hours ago